Question 1

Costs that are treated as assets until the product is sold are

Accepted Answer

A) product costs 
B) period costs 
C) conversion costs 
D) selling expenses 
A) product costs 
B) period costs 
C) conversion costs 
D) selling expenses

Question 2

Match each of the following costs with the appropriate classification (a-e).​
-Depreciation on office equipment
A)Product cost - direct materials
B)Product cost - direct labor
C)Product cost - factory overhead
D)Period cost - selling expense
E)Period cost - administrative expense

Accepted Answer

The answer of Match each of the following costs with...

Question 3

Selected accounts with amounts omitted are as follows:     If the balance of Work in Process on August 31 is $220,000, what was the amount debited to Work in Process for direct materials in August?

Accepted Answer

A) $390,000 
B) $170,000 
C) $525,000 
D) $580,000 
A) $390,000 
B) $170,000 
C) $525,000 
D) $580,000

Question 4

The direct labor and overhead costs of providing services to clients are accumulated in a work in process account.

Accepted Answer

A) True 
 B)False

Question 5

In a job order cost accounting system for a service business, materials costs are normally included as part of overhead.

Accepted Answer

A) True 
 B)False

Question 6

Direct labor cost is an example of a period cost.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following would most likely use a job order costing system?

Accepted Answer

A) paper mill 
B) swimming pool installer 
C) company that manufactures chlorine for swimming pools 
D) oil refinery 
A) paper mill 
B) swimming pool installer 
C) company that manufactures chlorine for swimming pools 
D) oil refinery

Question 8

Period costs are classified as either

Accepted Answer

A) selling expenses or production expenses 
B) administrative expense or production expenses 
C) selling expenses or administrative expenses 
D) general expenses or selling expenses 
A) selling expenses or production expenses 
B) administrative expense or production expenses 
C) selling expenses or administrative expenses 
D) general expenses or selling expenses

Question 9

Job order costing and process costing are

Accepted Answer

A) pricing systems 
B) cost accounting systems 
C) cost flow systems 
D) inventory tracking systems 
A) pricing systems 
B) cost accounting systems 
C) cost flow systems 
D) inventory tracking systems

Question 10

The debit to Factory Overhead for the cost of indirect materials is obtained from the summary of the materials requisitions.

Accepted Answer

A) True 
 B)False

Question 11

Six selected transactions for the current month are indicated by letters in the following T accounts in a job order cost accounting system:   Describe each of the six transactions.

Accepted Answer

(a)Direct and indirect materials are iss

Question 12

Journalizing the entry to record a job completed would include a debit to

Accepted Answer

A) Factory Overhead 
B) Finished Goods 
C) Work in Process 
D) Cost of Goods Sold 
A) Factory Overhead 
B) Finished Goods 
C) Work in Process 
D) Cost of Goods Sold

Exam 16: Job Order Costing

Costs that are treated as assets until the product is sold are

Match each of the following costs with the appropriate classification (a-e).​ -Depreciation on office equipment A)Product cost - direct materials B)Product cost - direct labor C)Product cost - factory overhead D)Period cost - selling expense E)Period cost - administrative expense

Selected accounts with amounts omitted are as follows: If the balance of Work in Process on August 31 is $220,000, what was the amount debited to Work in Process for direct materials in August?

The direct labor and overhead costs of providing services to clients are accumulated in a work in process account.

In a job order cost accounting system for a service business, materials costs are normally included as part of overhead.

Direct labor cost is an example of a period cost.

Which of the following would most likely use a job order costing system?

Period costs are classified as either

Job order costing and process costing are

The debit to Factory Overhead for the cost of indirect materials is obtained from the summary of the materials requisitions.

Six selected transactions for the current month are indicated by letters in the following T accounts in a job order cost accounting system: Describe each of the six transactions.

Journalizing the entry to record a job completed would include a debit to

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

The Accounting Cycle

Accounting for Retail Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Liabilities: Current, Installment Notes, and Contingencies

Liabilities: Bonds Payable

Corporations: Organization, Stock Transactions, and Dividends

Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Process Cost Systems

Activity-Based Costing

Support Department and Joint Cost Allocation

Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Evaluating Variances From Standard Costs

Evaluating Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Lean Manufacturing and Activity Analysis

The Balanced Scorecard and Corporate Social Responsibility

Investments

Filters

Match each of the following costs with the appropriate classification (a-e). -Depreciation on office equipment A)Product cost - direct materials B)Product cost - direct labor C)Product cost - factory overhead D)Period cost - selling expense E)Period cost - administrative expense